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EXHIBIT 99.1
AREA
BANCSHARES
CORPORATION
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MEDIA RELEASE
FOR IMMEDIATE RELEASE
November 14, 2000
AREA BANCSHARES CORPORATION ANNOUNCES 50% STOCK DIVIDEND
AND A 12.5% INCREASE IN CASH DIVIDEND
Owensboro, Kentucky - AREA Bancshares Corporation (Nasdaq: AREA), the largest
bank holding Company in Kentucky, announced today a 50% stock dividend and a
$0.045 cash dividend. The cash dividend represents a 12.5% increase from the
previous quarter.
The Board approved a 50% stock dividend payable on December 10, 2000 to
shareholders of record on December 1, 2000. In addition, the Board of Directors
voted a cash dividend of $0.045 payable on January 2, 2001 to shareholders of
record on December 20, 2000.
In October, AREA Bancshares Corporation announced record third quarter core
operating earnings. During the third quarter, AREA made significant progress
towards consolidating the operations and charters of sixteen of its affiliate
banks (other than Vine Street Trust, Lexington) to gain operating efficiencies
and raise brand awareness by adopting a common name, AREA Bank. Estimates of the
annual savings from the consolidation are approximately $5.04 million pre-tax.
AREA Bancshares Corporation, a $2.75 billion holding company is headquartered in
Owensboro Kentucky. AREA Bancshares Corporation has 72 Banking Centers and 98
ATMs in 39 cities throughout Kentucky.
This release contains forward-looking statements including statements relating
to present or future trends or factors generally affecting the banking industry
and specifically affecting Area's operations, markets and products. Without
limiting the foregoing, the words "believes," "anticipates," "intends,"
"expects" or similar expressions are intended to identify forward-looking
statements. These forward-looking statements involve risks and uncertainties.
Actual results could differ materially from those projected for many reasons,
including, without limitation, changing events and trends that have influenced
Area's assumptions, but that are beyond Area's control. Additional information
and other factors that could affect future financial results are included in
Area's filings with the Securities and Exchange Commission.
CONTACT: John A. Ray, Executive Vice President and Chief Operating Officer
at (270) 688-7753.
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